Alterra borrows P400 M

MANILA, Philippines - Philab Industries’ backdoor listing vehicle Alterra Capital Partners Inc. has borrowed P400 million from Southeast Asian private equity firm Altus Capital Partners Inc. to fund the company’s working capital needs and investments.

Alterra told the local bourse Thursday it loaned the amount, which it intends to pay within 30 months, at an interest rate of 15 percent per annum.

“The purpose of the loan is, among others, to fund working capital requirements and additional investments into the company’s and its affiliates’ business,” Alterra said.

Alterra is set to be renamed Philab Holdings Corp. by Jan. 23 to complete the backdoor listing of health and science firm Philab which had been looking for a shell company to acquire.

Alterra acquired 351,740 shares of Philab for P2.445 per share for P860 million.

The company, formerly known as iRipple Inc., is also poised to conduct a follow-on offering of up to 500 million common shares at an indicative offer price P3.25 to P6.75 per share.

Philippine Commercial Capital Inc. has been tapped as the lead underwriter for the follow-on offering.

Altus Capital Partners, meanwhile, is an investment banking and asset management firm focused on distressed debt and special situations advisory, investment, and management.

It has advised on over $10 billion in principal value investments and managed over $500 million in invested capital for top institutional investors in the Philippines, Thailand, Malaysia, Indonesia, Vietnam, Poland, Spain and Austria.

Founded in 2005, the company has extensive knowledge and experience in the fields of investment and corporate banking, structured finance, distressed debt and real estate.